When I awoke this morning at 5:00 AM, the world was dancing with a banana in their pants (what a beating!). It felt like the end of the world as we know it (again) and I got the sense something big was coming down the pike. I was underwhelmed by the fitty point snip (Fed Fund Futes were pricing in 75 bips and continue to price in another 25) but we'll see how this latest ad hoc treatment manifests. My sense, so it's said, is that they'll eventually have to pull that other fitty from the cupboard, leaving it bare.A coupla quick thoughts. First, I'm amazed at how the media is trotting out the "guns and butter" crowd after the global meltdown. Minyans know we've long been in the camp of "capital preservation, debt reduction and financial intelligence" and yes, I foresee a long hard road ahead. For those who have proactively prepared, however, there are opportunities to take the other side of emotional disconnects.

I flipped my lid into Monday's 800 point mess and caught a nice lift off the lows before getting swept up in yesterday's Crimson Tide. I was wrong--or early, depending on how this plays out--but I won't post-rationalize my missteps. If the only difference between a mistake and a lesson is the ability to learn from it, I share my fare for our collective benefit.

"I keep reading how the governments want to "make a return" on their investments. They still don't get it. At this point it's not about making a return. It's about saving economic growth. Last time I checked firefighters didn't ask for a bonus every time they go into a burning building." --Minyan Peter

IF (big if) they can hold in and around S&P 1000, the "successful retest" chorus will get loud. That seems a bit "pat" but I remember having the same thought at S&P 775 way back when.

Again, not picking bottoms, just picking spots. Carefully.

The first thing I thought of when the pre-market futes were (were) screaming on the rate cut (other than "I wish I could fade this")? Oil was flat and that screamed "sellers" to me. Sure nuff, it's now off a deuce.

I've got an important midday out-of-office meld today (you know it's important if I'm going in this environment). The 'Ville is about to take one giant step forward and I need to have my fingerprints on this one.

Todd Harrison is the founder and Chief Executive Officer of Minyanville. Prior to his current role, Mr. Harrison was President and head trader at a $400 million dollar New York-based hedge fund. Todd welcomes your comments and/or feedback at todd@minyanville.com.

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